SEALED AIR
US packaging giant to acquire compatriot bag-in-box specialist
 The US company is adding a domestic firm to its bag-in-box operations (Photo: Liquibox) |
US-based Sealed Air (Charlotte, North Carolina; www.sealedair.com) has announced plans to pay USD 1.5 bn (EUR1.53 bn) for compatriot Liquibox (Richmond, Virginia; www.liquibox.com), a global leader in bag-in-box packaging.
If approved by regulators, the deal is expected to complete in the first quarter of next year.
Sealed Air said the purchase would be “highly complementary” to its Cryovac Fluids & Liquids business. Liquibox employs more than 1,300 people at 18 locations around the world. The target company estimated full-year revenue for 2022 will be USD 362 mn, with EBITDA forecast at USD 85 mn.
Related: Sealed Air announces ‘considerable price hikes’
Sealed Air said the deal would bolster its plans to increase penetration in food service and quick service restaurants.
If approved by regulators, the deal is expected to complete in the first quarter of next year.
Sealed Air said the purchase would be “highly complementary” to its Cryovac Fluids & Liquids business. Liquibox employs more than 1,300 people at 18 locations around the world. The target company estimated full-year revenue for 2022 will be USD 362 mn, with EBITDA forecast at USD 85 mn.
Related: Sealed Air announces ‘considerable price hikes’
Sealed Air said the deal would bolster its plans to increase penetration in food service and quick service restaurants.
Results improve in Q3
As news of the deal broke, the buyer announced Q3 2022 net earnings at USD 133 mn, a rise of 23% from the year-earlier period. Net sales were flat USD 1.4 bn but up 5% in constant currency. Adjusted EBITDA rose 12% in constant currency terms to USD 293 mn.
Ted Doheny, Sealed Air’s president and chief executive, said: “We delivered an 8% increase in adjusted EBITDA in the quarter, despite continued cost inflation, foreign currency headwinds and slowing demand.”
Under Doheny, who has led the group since 2018, Sealed Air had committed to making all packaging materials recyclable or reusable by 2025. The company also aims to be carbon neutral by 2040.
Ted Doheny, Sealed Air’s president and chief executive, said: “We delivered an 8% increase in adjusted EBITDA in the quarter, despite continued cost inflation, foreign currency headwinds and slowing demand.”
Under Doheny, who has led the group since 2018, Sealed Air had committed to making all packaging materials recyclable or reusable by 2025. The company also aims to be carbon neutral by 2040.
07.11.2022 Plasteurope.com [251506-0]
Published on 07.11.2022
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